Suncity Group said it expects to record a profit attributable to shareholders of the Company of approximately RMB750.4 million as compared to the loss attributable to shareholders of the Company of RMB1,484.3 million for 2019.
That’s despite plunging revenue, which fell from RMB611.8 million to RMB199.3 million as compared to those in the year ended 31 December.
Consensus estimates for Q1 earnings at Macau’s six operators may be too high, with corporate EBITDA likely to be lower than the prior quarter due to an uneven recovery and higher expenses, Morgan Stanley says.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.